Better-than-forecast Australian growth figures helped the ‘Aussie’ extend gains

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Pound Sterling

After advancing to a three-month high against the Euro yesterday on the strength of encouraging UK construction PMI, the Pound was little changed against the common currency this morning as investors await the release of UK services PMI. Another encouraging result could see Sterling extend gains.

GBP/EUR is trading in the region of 1.1825 and GBP/USD is trading in the region of 1.5582

US Dollar

The expectation that this week’s US non-farm payrolls report will add to the case for the Federal Reserve tapering easing this month supported the ‘Greenback’ against several of its main peers overnight. The release of the Federal Reserve beige book is the most influential piece of US economic news to watch out for today.

USD/GBP is trading in the region of 0.6418 and USD/EUR is trading in the region of 0.7591

Euro

This morning data has shown that the German services sector expanded by more than expected in August while French services PMI contracted by more than anticipated and Eurozone services PMI grew by less than hoped. Although these figures are likely to impact the Euro, investors will also be looking ahead to today’s retail sales and GDP figures for the Eurozone.

EUR/GBP is trading in the region of 0.8457 and EUR/USD is trading in the region of 1.3175

Australian Dollar

Better-than-forecast Australian growth figures helped the ‘Aussie’ extend recent gains during Australasian trading. With the nation’s economy expanding by 0.6 per cent in the second quarter (QoQ) rather than the 0.5 per cent expected, the Australian Dollar was able to hit a two-week high against its US rival.

AUD/GBP is trading in the region of 0.5855, AUD/EUR is trading in the region of 0.6925 and AUD/USD is trading in the region of 0.9120

New Zealand Dollar

As Australia is one of New Zealand’s main trading partners, the news that the latter nation’s economy expanded by more than anticipated in the second quarter boosted the smaller country’s growth prospects and saw its currency rally against peers including the US Dollar and Yen.

NZD/GBP is trading in the region of 0.5039, NZD/EUR is trading in the region of 0.5959 and NZD/USD is trading in the region of 0.7841

Canadian Dollar

Although the Canadian Dollar advanced on several of its most traded peers during the local session as crude oil futures climbed on increased Syrian tensions, the ‘Loonie’ closed trade little changed from Friday’s level of 94.97 US cents. The commodity-driven asset is likely to experience volatility today as a result of the Bank of Canada rate decision.

CAD/GBP is trading in the region of 0.6096, CAD/EUR is trading in the region of 0.7209 and CAD/USD is trading in the region of 0.9498

These exchange rates were correct as of 9:20 am

Richard Martin
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After working in business development for a major UK currency brokers for several years, Richard left Britain to help set up the company’s Australian office and now lives and works in Queensland; making the most of his new Down-Under lifestyle.